Business

Israel's Bank Hapoalim and Abu Dhabi Global Market collaborate on FinTech

Israel's Bank Hapoalim and Abu Dhabi Global Market collaborate on FinTech

Abu Dhabi: Abu Dhabi Global Market (ADGM), the leading International Financial Centre in the capital of the UAE , and Bank Hapoalim have announced a new partnership with the signing of a Memorandum of Understanding (MOU) to jointly promote and develop financial technology (FinTech) innovation, ecosystems, and market opportunities.

The new agreement will support the digital transformation of the financial services landscape and connect the economies in the UAE and Israel.

Founded almost 100 years ago, Bank Hapoalim is Israel’s most significant and leading financial institution. The bank is a household brand for consumer and corporate lending and resides over one of the largest retail branch network in the country.

“We are pleased to embark on a new era in the Middle East region to enable greater business and FinTech developments and foster beneficial technology collaborations and participation among ADGM, Abu Dhabi and Israel. ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda,” said Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority.

As part of the MoU, ADGM and Bank Hapoalim will collaborate on a range of FinTech-related initiatives and innovation projects, including the development of FinTech solutions to facilitate international trade, business and financial services activities between the UAE and Israel, as well as the support of FinTech companies and entrepreneurs seeking to scale their presence and deployment across the UAE and Israeli markets.

“The agreement signed this morning with Abu Dhabi Global Market is a breakthrough pact that we hope will serve to extend and strengthen the financial corporation between the UAE and Israel. It will enable FinTech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies,” said Dov Kotler, CEO of Bank Hapoalim

Kotler will be speaking at the upcoming FinTech Abu Dhabi Festival, and expounding further on the opportunities and potential of the MOU in bridging the FinTech ecosystems between the UAE and Israel.